Mayo TD Ms Beverley Cooper-Flynn told the court today that it never occurred to her that investing offshore was an excellent way of hiding 'hot money' from the Revenue.
Ms Cooper-Flynn was taking the stand on day five of her libel action against RTÉ. She claims she was libelled in RTÉ broadcasts concerning her and the sale of investment products during the time she was employed in the Financial Advice Service Division of National Irish Bank (NIB).
Under cross-examination by Mr Kevin Feeney SC for RTÉ she also denied she had failed to give four clients named in court today tax advice. She insisted that she told all her clients that if they had tax queries they should consult their tax advisors.
However Mr Feeney said evidence would be given by the four named clients that she never instructed them to consult their tax advisors.
Mr Feeney said that Mr Sean Rowe would tell the court that Ms Cooper-Flynn told him not to avail of the 1993 tax amnesty, saying "why give it away, don't be foolish, don't give away you're hard earned money". Ms Cooper-Flynn denied she ever said this.
She also denied telling Mr Pat Duff "why pay 15 per cent to the Revenue Commissioners?" and advising Ms Joy Haugh that her investment would be confidential and "the tax commissioners would never hear of it".
Mr Feeney said evidence would be given by Ms Joan Quigley that she was dissuaded of availing of the tax amnesty by Ms Cooper-Flynn who asked her "why give the Government 15 per cent".
Ms Cooper-Flynn said she was not suspicious when a client came to her wishing to invest Stg£30,000 in cash. Ms Cooper-Flynn said the client owned a pub and function room and she didn't think it unusual he might have accumulated such a quantity of cash.
Mr Feeney asked if she was seriously suggesting the client had accumulated Stg£30,000 in cash from trading in the Republic. She said that was what he had told her.
The morning session was taken up with complex legal arguing which resulted in Mr Justice Morris instructing the jury to disregard a block of evidence they heard on Friday.
On Friday it was alleged Ms Cooper-Flynn sold a financial product to Mr Gary Skelton in the knowledge his money was undeclared. She denied the allegation.
Mr Skelton was due to give evidence this morning but evidence concerning his statement was ruled inadmissible because the financial product Mr Skelton was sold was of a different nature to the one mentioned in the RTÉ broadcasts.
Mr Justice Morris instructed the jury that the evidence of Mr Skelton dealt with the sale of premier bonds, not the CMI personal portfolio mentioned in the broadcasts. He told them it was no more open to the defence to make allegations about the way she sold cars than it was to bring up the sale of premier bonds.
The trial continues tomorrow.